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Baba Arts Ltd.

BSE: 532380 Sector: Media
NSE: N.A. ISIN Code: INE893A01036
BSE LIVE 09:48 | 02 Dec 2.85 0
(0.00%)
OPEN

2.85

HIGH

2.85

LOW

2.85

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.85
PREVIOUS CLOSE 2.85
VOLUME 30
52-Week high 4.48
52-Week low 1.79
P/E 95.00
Mkt Cap.(Rs cr) 29.41
Buy Price 2.85
Buy Qty 756.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.85
CLOSE 2.85
VOLUME 30
52-Week high 4.48
52-Week low 1.79
P/E 95.00
Mkt Cap.(Rs cr) 29.41
Buy Price 2.85
Buy Qty 756.00
Sell Price 0.00
Sell Qty 0.00

Baba Arts Ltd. (BABAARTS) - Auditors Report

Company auditors report

To

The Shareholders of

BABA ARTS LIMITED.

Report on the Financial Statements

We have audited the accompanying financial statements of Baba Arts Limited (theCompany) which comprise the Balance Sheet as at March 31 2015 the Profit and LossStatement and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management s Responsibility for the Financial Statements

The Company s Management is responsible for the matters stated in Section 134(5) of theCompanies Act2013 (the Act) with respect to the preparation and presentation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including Accounting Standards notified under Section 133 ofthe Act read with Rule 7 of the Companies(Accounts) Rules2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgements and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and the matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company s Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2015 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2015 (Order) issued byCentral Government of India in terms of sub-section (11) of section 143 of the CompaniesAct 2013 we give in the annexure a statement of the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account;

d. In our opinion the aforesaid financial statement comply with the Accountingstandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014;

e. On the basis of the written representations received from the directors as on March31 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2015 from being appointed as a director in terms of section164(2) of the Companies Act 2013; and f. With respect to the other matters to be includedin the Auditor s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements

Refer Note 21. ii. The Company does not foresee any material loss on long termcontracts including derivative contracts.

iii. There has been no delay in transferring amount required to be transferred to theInvestor Education and Protection Fund by the Company.

For Prakkash Muni & Associates
Chartered Accountants
Firm Registration No.:111792W
Prakkash R Muni
Partner
Membership No. 030544
Place: Mumbai
Date: 13th May 2015

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 under the heading Report on Other Legal and RegulatoryRequirements of our report of even date) i. (a) The Company has maintained proper recordsto show full particulars including quantitative details and situation of its fixed assets.

(b) The fixed assets of the Company have been physically verified by the Managementduring the year and no material discrepancies between the book records and the physicalinventory have been noticed.

ii. Since the Company is having only intellectual property rights as its inventorytherefore the para 3(ii) of the Order relating to physical verification of inventories isnot applicable.

iii. The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under Section 189 of the CompaniesAct.Hence the requirements of sub clause (a)&(b) to clause

(iii) of paragraph 3 of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business for purchase of fixed assets and sale of services. Further on thebasis of our examination of the books and records of the Company and according to theinformation and explanations given to us we have neither come across nor have beeninformed of any continuing failure to correct major weaknesses in the aforesaid internalcontrol procedures. In our opinion and according to the information and explanations givento us there is an adequate internal control system commensurate with the size of theCompany and the nature of its business with regard to purchase of inventories and fixedassets and with regard to sale of services. The activities of the Company do not involvesale of goods. We have not observed any major weakness in the internal control systemduring the course of the audit.

v. The Company has not accepted any deposits from the public under the provisions ofSections 73 to 76 or any relevant provisions of the Companies Act and the rules framedthere under.

vi. The Central Government has not prescribed the maintenance of cost records undersub-section (1) of section 148 of the Companies Act for any of the products of theCompany.

vii. (a) According to the information and explanation given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities.

As explained to us the Company did not have any dues on account of employees stateinsurance customs duty wealth tax and duty of excise.

According to the information and explanations given to us and the records of theCompany examined by us there are no dues in respect of income-tax sales tax wealth taxservice tax customs duty excise duty value added tax and cess as at March 31 2015which have not been deposited on account of any dispute.

(b) According to the information and explanations given to us there are no materialdues of wealth tax service tax duty of customs and cess which have not been depositedwith the appropriate authorities on account of any dispute.

However according to information and explanations given to us the following dues ofincome tax sales tax and value added tax have not been deposited by the Company onaccount of disputes:

Sales Tax

Sr. No. Financial Year/Period Nature of Demand Amount Rs. Pending Before
1 2010-2011 VAT 16781560 Joint Commissioner sales tax
2 2010-2011 CST 61256

Income Tax

Sr. No. Financial Year/Period Nature of Demand Amount Rs. Pending Before
1 2008-09 Tax and Interest 1754329 ACIT
2 2010-11 Penalty 542840 Dy. Commissioner I.T.

ANNUAL REPORT 2014-2015

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the amount required to be transferred toInvestor Education and Protection Fund in accordance with the relevant provisions of theCompanies Act 1956 [1 of 1956] and rules made thereunder has been transferred to suchfund within time.

viii. The Company does not have any accumulated losses at the end of financial year.TheCompany has incurred cash loss of Rs.242.34 Lac during the financial year covered by ouraudit.

ix. The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.

x. In our opinion and according to the information and explanation given to us theCompany has not given any guarantee for loans taken by others from bank or financialinstitutions during the year.

xi. The Company did not have any term loans outstanding during the year.

xii. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the courseof our audit.

For Prakkash Muni & Associates
Chartered Accountants
Firm Registration No.:111792W
Prakkash Muni
Partner
Membership No. 030544
Place: Mumbai
Date: 13th May 2015

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